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Bond yields decline in early trading ahead of GDP data

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Secondary market government bond yields fell on value buying Tuesday ahead of the scheduled release of April-June economic growth data on Wednesday.



At 1:40 p.m., the 10-year benchmark yield of 6.54 percent-2032 bond yields traded at 7.2046 percent, compared to 7.2534 percent closed on the previous trading session.

The GDP data for April-June will be released on Wednesday. Indian markets will remain closed on Wednesday due to Ganesh Chaturthi.

“We expect GDP to grow 14.0 percent – 14.5% yoy in Q1 FY23, supported by a low base and strong domestic demand. Broad upturns were seen in consumption, services and investment, ” said Ritika Chhabra – Economist and Quant Analyst, Prabhudas Lilladher Pvt Ltd.

The further decline in bond yields has been capped by the rise in the price of crude oil on the international market.

Brent crude, which traded at $101.46 at market close Monday, is now trading at $104.74.

According to various media reports, oil prices rose by more than $3 a barrel as a result of OPEC+ production cuts, and the conflict in Libya helped offset the strong US dollar and the poor outlook for US growth.

The rise in oil prices has consequences India especially since India is a major importer of crude oil for its consumption.

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